UK Unemployment Rate Steady At Near 12-Year Low


UK unemployment rate held at an almost 12-year low of 4.7 percent in the three months to February 2017, in line with market expectations. The employment rate stood at an all-time high of 74.6 percent as the number of people in work rose by 39 thousand.

Estimates from the Labour Force Survey show that, between September to November 2016 and the three months to February 2017, the number of people in work increased, the number of unemployed people fell, and the number of people aged from 16 to 64 not working and not seeking or available to work (economically inactive) also fell.

There were 1.56 million unemployed people (people not in work but seeking and available to work), 45,000 fewer than for September to November 2016 and 141,000 fewer than for a year earlier. The unemployment rate was 4.7 percent, down from 5.1 percent for a year earlier. It was the lowest jobless rate since July to September 2005. The unemployment rate is the proportion of the labour force (those in work plus those unemployed) that were unemployed.

There were 31.84 million people in work, 39,000 more than for September to November 2016 and 312,000 more than for a year earlier. The employment rate (the proportion of people aged from 16 to 64 who were in work) was 74.6 percent, the joint highest since comparable records began in 1971.

There were 8.88 million people aged from 16 to 64 who were economically inactive (not working and not seeking or available to work), 10,000 fewer than for September to November 2016 and 36,000 fewer than for a year earlier. The inactivity rate (the proportion of people aged from 16 to 64 who were economically inactive) was 21.6 percent, slightly lower than for September to November 2016 (21.7 percent) and for a year earlier (21.8 percent).

Average weekly earnings for employees in nominal terms increased by 2.3 percent including bonuses, and by 2.2 percent excluding bonuses, compared with a year earlier. In real terms (that is, adjusted for price inflation), average weekly earnings increased by 0.2 percent including bonuses, and by 0.1 percent excluding bonuses, compared with a year earlier.

UK Unemployment Rate Steady At Near 12-Year Low


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
4/12/2017 8:53:56 AM